Azure Dynamics closes US$30 million equity offering

On October 23, 2007, Azure Dynamics Corporation, a leading developer of hybrid electric and electric powertrains for commercial vehicles, announced that it had closed its offering of 81,100,000 common shares of the Company at a price of $0.37 per common share for aggregate gross proceeds of $30,007,000. Paradigm Capital Inc. and Raymond James Ltd. acted as co-lead agents in connection with the offering. The syndicate also included Clarus Securities Inc. and Desjardins Securities Inc. Azure Dynamics plans to use the proceeds of the offering to fund ongoing and future engineering and product development programs and for general corporate purposes. Azure Dynamics was advised in this transaction by a team from Fasken Martineau coordinated by Alfred Apps, and that included, among others, Georges Dubé, Daniel Batista and Brad Freelan.